Connect to share and comment

Former IRS chief tells lawmakers "dismayed" by targeting

WASHINGTON (Reuters) - The former head of the Internal Revenue Service told U.S. lawmakers on Tuesday he was "dismayed" to learn that the tax agency had subjected conservative groups to extra scrutiny under his watch. At a congressional hearing, former IRS Commissioner Douglas Shulman said he was unaware in June 2011 about the targeting, and only found out the full scope and severity of the activity when a Treasury Department watchdog published its report.

AutoZone profit beats as long winter leads to more repairs

(Reuters) - AutoZone Inc <AZO.N>, the largest U.S. auto parts retailer, reported a better-than-expected quarterly profit as U.S. customers undertook car repairs after a prolonged winter. The company, which faced weak demand a year ago as a warmer-than-usual winter resulted in less wear and tear to vehicles, said there was a noticeable improvement in its performance, mainly in the U.S. Northeast and Midwest in the final four weeks of the quarter.

Best Buy sees investments squeezing near-term profits

By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 percent in premarket trading.

Blackstone, Pactera insiders make $680 million offer

By Greg Roumeliotis (Reuters) - Pactera Technology International Ltd <PACT.O> said on Monday that Blackstone Group LP <BX.N>, together with the company's management, made a $680.3 million non-binding proposal to take China's largest technology outsourcing firm private. Pactera said it expected its board of directors to form a special committee of independent directors to consider the consortium's offer of $7.50 per share. Pactera shares surged 31.1 percent to $6.90.

Nikkei hits new 5-1/2-year high but pace of gains slow, Bernanke cues eyed

By Ayai Tomisawa TOKYO (Reuters) - Japan's Nikkei share average edged up to a fresh 5-1/2-year high on Tuesday, reversing earlier losses, as retail investors scooped up underperforming stocks such as Sharp Corp <6753.T> and Tokyo Electric Power Co Inc <9501.T>. Trading was choppy, with the Nikkei moving in and out of negative territory before ending up 0.1 percent to 15,381.02 -- the highest closing level since December 2007.

Urban Outfitters sales miss Street estimates, shares fall

(Reuters) - Teen apparel retailer Urban Outfitters Inc's <URBN.O> sales missed analysts' estimates even as reduced discounting helped shore up profit in the first quarter. Shares of the company fell as much as 4 percent to $42.77 in post-market trading on Monday. An unusually long winter in large parts of the United States has dampened demand for spring merchandise, which are a staple at Urban's stores that include Anthropologie and Free People.

Dagestan bombs kill three, two dead in shootout near Moscow

MAKHACHKALA, Russia (Reuters) - Two car bombs killed at least three people and wounded dozens of others on Monday in Dagestan, a turbulent province in Russia's North Caucasus region where armed groups are waging an Islamist insurgency. Car bombs, suicide bombings and firefights are common in Dagestan, at the center of an insurgency rooted in two post-Soviet wars against separatist rebels in neighboring Chechnya.

High court agrees to hear town meeting prayer case

By Lawrence Hurley WASHINGTON (Reuters) - The Supreme Court on Monday agreed to consider whether a town in New York endorsed religion by allowing members of the public to open meetings with a prayer. Two residents sued Greece, New York, in 2008, saying it was endorsing Christianity, a violation of the Constitution's First Amendment guarantee of separation of church and state.

Ugandan police raid newspaper over Museveni succession letter

By Elias Biryabarema KAMPALA (Reuters) - Police raided a leading Ugandan newspaper and disabled its printing press and website on Monday after it published a letter about a purported plot to stifle allegations President Yoweri Museveni is grooming his son for power, a senior editor said. Speculation is growing that Museveni, in office since 1986, is lining up his son Kainerugaba Muhoozi to take power, a move that would likely test loyalties in Uganda's ruling elite.

Exclusive: Japan panel warns of dangers if debt not addressed

By Takaya Yamaguchi TOKYO (Reuters) - A Japanese government panel warns there is "absolutely no guarantee" that domestic investors will keep financing the country's massive public debt, citing the risk of a spike in bond yields that could crimp long-term growth prospects, according to a draft report seen by Reuters on Monday.
Syndicate content